Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

	Six Months Ended June 30, 2011			Three Months Ended June 30, 2011
Earnings before income taxes		$	6,298		$	3,504
Add (deduct):
Equity in net loss of less than 50% owned affiliates			4			2
Dividends from less than 50% owned affiliates
Fixed charges			525			264
Interest capitalized, net of amortization			-			-
Earnings available for fixed charges		$	6,827		$	3,770
Fixed charges:
Interest incurred		$	479		$	241
Portion of rent expense deemed to represent interest factor			46			23
Fixed charges		$	525		$	264
Ratio of earnings to fixed charges			13.0			14.3

-1-

Exhibit 12

PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

	For the Years Ended December 31,
	2010			2009			2008				2007				2006
Earnings before income taxes		$	10,324		$	9,243		$	9,937			$	8,884			$	8,208
Add (deduct):
Equity in net loss (earnings) of less than 50% owned affiliates			8			6			64				(100	)			(163	)
Dividends from less than 50% owned affiliates									12				100				154
Fixed charges			1,069			1,006			618				359				446
Interest capitalized, net of amortization			1			2			(11	)			(8	)			(4	)
Earnings available for fixed charges		$	11,402		$	10,257		$	10,620			$	9,235			$	8,641
Fixed charges:
Interest incurred		$	976		$	920		$	543			$	280			$	378
Portion of rent expense deemed to represent interest factor			93			86			75				79				68
Fixed charges		$	1,069		$	1,006		$	618			$	359			$	446
Ratio of earnings to fixed charges			10.7			10.2			17.2				25.7				19.4

-2-